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Money Power & Emergence of Oligopolistic Power Structure

Money Power & Emergence of Oligopolistic Power Structure

  • As we see below, a number of informal methods were adopted by the resourceful economic entities to curry favors with the political leadership and the bureaucracy.
  • The use of money power to indulge in sabotaging economic laws/ regulations, tax evasion, obtaining industrial licenses, finances, permission to import, etc., smuggling, shoddy construction, illicit brewing, etc., led to a marriage of convenience between the wields of political and economic power.
  • The public enterprises, instead of curbing private economic power and using it for attainment of social objectives, became a happy hunting ground for the politicians, bureaucrats and businessmen.
  • The government in business became a close ally of the ‘businessman’ in government, trading their authority for seeking rent. 
  • Under the formal model of democratic political parties entering the democratic elections, there emerged in practice oligopolistic power structures, more capable of manipulating than positively responding to popular mandate.                  Money Power & Emergence of Oligopolistic Power Structure
  • These power structures engaged themselves in manipulations with the political bosses, the High commands of various political parties, selecting candidates for Lok Sabha, Rajya Sabha and State Assemblies, and giving them, top-down, both winning slogans and increasingly populist platform as also increasingly large amounts of unaccounted money, it is little surprise that perversion of the polity and economy became inevitable.
  • With this disappeared the prospects of inner party democracy, grassroots political workers articulating people’s aspirations and ventilating their grievances through local party units and having a hand in development work (which was made the preserve of bureaucracy under a massive misunderstanding of its character as development bureaucracy) and making the leadership and administration accountable to the local units and party members (who are suggestively termed workers, often on the pay rolls of the higher level leadership).
  • In fact, with concentration of organizational and governmental authority in a few hands at the Union level their separation and decentralization at the level of the states became difficult and untenable. Thus, there was atrophy of the democratic political process and the parties and their organizational instrument, in nearly all respects save as a periodical energis, centrally funded election machinery.
  • Obviously, the lower level party functionaries became valuable basically for their capabilities in the battle of the ballot. The political process was perverted, losing its capacity for strengthen and enrich the democratic content of our formal democracy.              Money Power & Emergence of Oligopolistic Power Structure



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